Author: Lee Riley

The Fed is going to continue to raise rates another 0.75% to 1% to fight inflation. How will that affect mortgage rates?

If you’re planning on purchasing a home with a mortgage, you should probably lock in your rates now…

If you are a buyer who has been sitting on the sidelines for the last year, there is some good news for you…

Today, the market has changed due to upheaval in the worldwide economy – interest rates have doubled, inflation is out of control, the stock market is tanking…

Here are the factors affecting the change. Interest rates have jumped up dramatically since the first of the year from 3% to 5.5%…

Another major change in the market is higher interest rates. The average 30-year mortgage is 5%, which is up from 3.5% earlier in the year…

Now for the latest real estate news. Do you remember the movie Groundhog Day? Well, that’s the story of today’s real estate market…

Land inventory is way down as well. There are 218 vacant land properties available today. There were 432 available a year ago and 603 the year before that…

Now for the latest real estate news. I’m beginning to sound like a broken record. Sales continue to slow down due to lack of inventory….

Buyers – if you see it and you like it, buy it now! I don’t expect prices to drop. I do not see a bubble…

Building costs are also way up. I just spoke to one of our local builders who told me his material costs have more than doubled over the last year…

Hopefully we will start to see some of the spec homes that were started this spring hit the market soon…

Some good news for buyers is that there’s been an increase in inventory. Two months ago, there were 63 homes available on the market, and today there are 125…

Like a snowball rolling downhill, the real estate market is only gaining steam…